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S&P downgrades U.S. credit rating from AAA

http://www.usatoday.com/money/econo...es-credit_n.htm


"Credit rating agency Standard & Poor's on Friday downgraded the nation's rating for the first time since the U.S. won the top ranking in 1917. The move came after Congress haggled over budget cuts and the nation's borrowing limit � and failed to cut enough government spending to satisfy S&P. The issue has contributed to convulsions in financial markets."


discuss

It's well-deserved. I'm buying market in appropriate increments with a contrarian view.

From S&P's press release:

"S&P also cited dysfunctional policymaking in Washington as a factor in the downgrade. 'The effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges.'"

owned.

quote:

Originally posted by Groundhog Boy From S&P's press release: "S&P also cited dysfunctional policymaking in Washington as a factor in the downgrade. 'The effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges.'"

No shit.

EDIT: Fuck the puppets, and fuck the puppeteers. Our government is so blinded by its self serving self-interest that its run the country into an economic downfall. This is the first STEEP step in that descent down. Get ready, Americans. This has nothing to do with a president, and has everything to do with our government structure as a whole. Mide as well be on a field playing dodgeball with bags full of money.

Burn baby burn.

I think you're forgetting who's actuallynleft holding the bag... It's the taxpayers. It's not like these fukers will start spending less... it will just cost us more to continue running this country into the ground.

Disgusted by nearly every single one of these jizzbags.

quote:

Originally posted by aNYthing I think you're forgetting who's actuallynleft holding the bag...

We're only holding the bag because the "suits" threw it at us.

Remember dodgeball?

You get hit, and have to stand behind the opposite team to catch a passing ball and hit a player. We're forced out of the game only to try to catch these bags and hit government officials with the responsibility of fixing this. Won't happen, not as split as these puppets continue to be.

Fuck it, though. My dual citizenship is looking better and better everyday. Viva Canada!

quote:

Originally posted by OrangestO Fuck it, though. My dual citizenship is looking better and better everyday. Viva Canada!

Just remember you are still stuck paying Uncle Sam if you do not give up your US citizenship

Our wonderful Treasury Secretary (who cheated on his personal taxes and blamed it on a Turbo Tax computer error) was just saying in April, "absolutely no risk of the U.S. losing it's AAA credit rating."

We are in the very best of hands.

LINK: http://twitter.com/#!/dmoon/statuses/99648341482274816

quote:

Originally posted by The17sss Our wonderful Treasury Secretary (who cheated on his personal taxes and blamed it on a Turbo Tax computer error) saying in April, "absolutely no risk of the U.S. losing it's AAA credit rating." We are in the very best of hands.

Agreed (For once)

quote:

Originally posted by OrangestO No shit. EDIT: Fuck the puppets, and fuck the puppeteers. Our government is so blinded by its self serving self-interest that its run the country into an economic downfall. This is the first STEEP step in that climb down. Get ready, Americans. This has nothing to do with a president, and has everything to do with our government structure as a whole. Mide as well be on a field playing dodgeball with bags full of money.

Yeah, good luck with that thought...it's going to be a big blame game. The Teabaggers will blame Obama for the Stimulus (40% tax cuts), TARP (a Bush program...that didn't lose money. I saw someone say this week that we "spent" $700 billion, when most has been paid back, with interest), and Obamacare that hasn't even been implemented yet.

The Dems will bitch about Wall Street (who paid back, with help from the low interest rates created by the government) and tax cuts that don't produce anything (true, have you seen all the jobs created by the Bush tax cuts?).

quote:

Originally posted by The17sss Our wonderful Treasury Secretary (who cheated on his personal taxes and blamed it on a Turbo Tax computer error) was just saying in April, "absolutely no risk of the U.S. losing it's AAA credit rating." We are in the very best of hands. LINK: http://twitter.com/#!/dmoon/statuses/99648341482274816

Yeah, he was a moron for not understanding how much the Tea Party was removed from reality.

Fuck, when you see politicians like Bachmann, Joe Walsh, and Steve King saying that DEFAULTING won't be a big deal (when today's S&P move obviously showed that to be fucking lunacy), what do you expect?

quote:

Originally posted by jester Just remember you are still stuck paying Uncle Sam if you do not give up your US citizenship

???

quote:

Originally posted by Groundhog Boy ...it's going to be a big blame game.

truth

quote:

Originally posted by VAR truth

It already has, for years. That's partially why we're in this predicament.

quote:

Originally posted by Groundhog Boy Yeah, good luck with that thought...it's going to be a big blame game. The Teabaggers will blame Obama for the Stimulus (40% tax cuts), TARP (a Bush program...that didn't lose money. I saw someone say this week that we "spent" $700 billion, when most has been paid back, with interest), and Obamacare that hasn't even been implemented yet. The Dems will bitch about Wall Street (who paid back, with help from the low interest rates created by the government) and tax cuts that don't produce anything (true, have you seen all the jobs created by the Bush tax cuts?).

the only graph you need to look at:

quote:

Originally posted by The17sss the only graph you need to look at:

Yeah, Obama just was begging to spend more money. He walked into a utopia and just squandered it.

I'd ask if you are you kidding, but I know better. You know what got us out of the Great Depression, two big stimulus packages (New Deal and World War 2 spending), and a loss of life that affected who was available for employment, thus lowering unemployment.

Secondly, that graph is COMPLETE BULLSHIT and you know better. Bush didn't even bother to put the wars on budget, which was a big hit when Obama did.

quote:

Originally posted by OrangestO ???

If you move to Canada and still are a US citizen. The IRS still can tax you.

Read

There is even a story, this woman was born in the US but has been living in Canada for 50 years and the IRS is going after her. Even though she never lived a day of her life in the US.

So if you do come here, cut off all ties to the US.

quote:

Originally posted by Groundhog Boy Yeah, he was a moron for not understanding how much the Tea Party was removed from reality. Fuck, when you see politicians like Bachmann, Joe Walsh, and Steve King saying that DEFAULTING won't be a big deal (when today's S&P move obviously showed that to be fucking lunacy), what do you expect?

No, what they were saying was that there was no reason to fear default because we had plenty of money coming into the treasury to cover monthly debt service and entitlement commitments. Stop spinning it. It was the lunatic Left's economic mouthpiece Paul Krugman who said "if we default, so what."

Why are Democrats under the impression that the Tea Party people are happy with what just happened? They aren't... and the ONLY bill they supported, Cut Cap & Balance, which passed in the House, is also the ONLY bill that all the ratings agencies said would absolutely prevent a downgrade because it would have shown our political leaders are actually serious about righting the ship.

quote:

Originally posted by The17sss the only graph you need to look at:

This is exactly the problem. You want to point at graphs, yet those graphs came to be what they are due to certain consequences of past decisions.

Pointing fingers is all Americans know how to do. That finger is going to shove itself right into the asshole of this country and fuck itself into a state of economic despair.

I'm down for growing some balls and treating this like the 60's. Revolution is the only way to go, at this point. Otherwise, the "suits" will continue to do what they've done and we won't go anywhere but into the ground without a fight or a voice.

quote:

Originally posted by Groundhog Boy Yeah, Obama just was begging to spend more money. He walked into a utopia and just squandered it. I'd ask if you are you kidding, but I know better. You know what got us out of the Great Depression, two big stimulus packages (New Deal and World War 2 spending), and a loss of life that affected who was available for employment, thus lowering unemployment.

Excuse me!? Obama hasn't been begging to spend more money? That's all he fucking does and wants to do!

blah blah blah... there have been plenty of studies burying that tired bullshit about the Great Depression you are spouting, showing how FDR's policies unnecessarily prolonged it. The economy eventually recovered IN SPITE of his epic spending.

quote:

Originally posted by The17sss No, what they were saying was that there was no reason to fear default because we had plenty of money coming into the treasury to cover monthly debt service and entitlement commitments. Stop spinning it. It was the lunatic Left's economic mouthpiece Paul Krugman who said "if we default, so what." Why are Democrats under the impression that the Tea Party people are happy with what just happened? They aren't... and the ONLY bill they supported, Cut Cap & Balance, which passed in the House, is also the ONLY bill that all the ratings agencies said would absolutely prevent a downgrade because it would have shown our political leaders are actually serious about righting the ship.

I'm just curious, what is the Republican view on the banks doing "universal default?" In the way our system has worked, you fail to pay Citi for a credit card and just pay BoA, you're getting slammed by both for increased rates.

quote:

Originally posted by The17sss Excuse me!? Obama hasn't been begging to spend more money? That's all he fucking does and wants to do! blah blah blah... there have been plenty of studies burying that tired bullshit about the Great Depression you are spouting, showing how FDR's policies unnecessarily prolonged it. The economy eventually recovered IN SPITE of his epic spending.

I said that was that he walked in wanting to do that...out of principle. Out of reality, yes, he did ask to do it.

Just curious, how do you think the Great Depression ended?

quote:

Originally posted by The17sss the only graph you need to look at:

That graph is not accurate. 2009 was President Bush's budget.

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